Manager Safety, Anna Ila Ok Tedi Mining Limited (OTML) has appointed a national female employee to head its Safety Department. Anna Ila is now the Manager Safety after her appointment on August 27th.  Ms Ila brings to the Company a vast knowledge and experience in safety and occupational health having served as Superintendent in Safety Systems, Comp...

Pacific Towing (PacTow) saved APEC Haus from likely and significant damage after it salvaged an abandoned vessel that had run aground within metres of the landmark building.  The salvage of the ex New Zealand navy patrol boat ‘Hawea’ occurred last Thursday evening during strong winds and a rising tide.  The PacTow salvage team expertly manoeuvred the leak...

Australia’s leading independent law firm, Corrs Chambers Westgarth, has relocated to new premises in Port Moresby, reflecting the firm’s continued growth in Papua New Guinea and its commitment to the region. The office is a significant upgrade from Corrs’ previous Papua New Guinea office and adopts the same design as the firm’s Australian premises.   ...

The Chairman of Capital Insurance Group, Mr. Michael Koisen OBE, announced on the 23rd of September 2021, the appointment of Mr. Jeremy Norton as the Group’s new CEO. Mr. Norton joined CIG as its Group COO in January this year to drive operational excellence and sustainable business growth and has been an invaluable addition to the team. He was appoint...

Danny Robinson has been approved as Credit Corporation's president and chief executive officer. He was designated CEO of Credit Corporation on a permanent basis along with the firm's new general counsel and company secretary, Robinson. Robinson has been interim CEO of Credit Corporation since February this year following the departure of former CEO Pet...

The first half of the financial year 2021 has started off well for Credit Corporation Group, indicating a small recovery in financial performance from the severe contraction last year. The Group is concerned about the impact of the pandemic on its Pacific points of representation in the second half of 2021, with borders staying closed, delinquency leve...

City Pharmacy Limited had a profit of K6.8 million before taxes. This is an 8.1% decrease from the half-year figures for 2020. Chairman Stan Joyce stated that the first half of 2021 would be another difficult year for CPL Group as it strives to generate value in an increasingly tough local economic climate. Joyce stated that the company has exerc...

Weir Minerals and Andritz have signed an agreement at MINExpo 2021 expanding their shared commitment and strategic cooperation to supply equipment for processing tailings in the mining industry. The foundations of this agreement have been built on a shared understanding and vision to enable the sustainable and efficient delivery of the natural resources e...

Photo Credit: Gartshore The unaudited net profit of Steamships Trading for the half-year ending June 2021 was K33.1 million, up 106% over the previous equivalent period, according to the company. Steamships, on the other hand, claimed in its half-year report that after adjustment for major factors, the underlying profit credited to shareholders was ...

Newcrest Mining, Papua New Guinea's largest gold miner, has posted a profit of K4.07 billion (US$1.164 billion) for the 12 months ending 30 June, a new high. Due to greater gold and copper prices as well as decreased operating costs, this is 55 per cent higher than the previous financial year. Newcrest's gold revenue increased by 9% despite somewhat...

Kina Securities Ltd's unaudited net profit for the six months ended June 30, 2021, was K39.8 million. It is a 36 per cent increase over the previous similar time. The board of directors also announced an interim dividend of AU$3 per share (K8.25). In the previous similar period, the interim dividend per share was AU$4 per share or K10 per share. ...

Hon James Marape, the Prime Minister of Papua New Guinea, received an interim dividend payment of K100 million from Kumul Petroleum Holdings Limited (KPHL) in Parliament, which was delivered by the Board Chairman Prof Benedict Yaru and the Managing Director of KPHL, Wapu Sonk. When the Prime Minister received the dividend check, he congratulated Kumul ...

Oil Search today announced a strong half year result for the period ended 30 June 2021, posting a net profit after tax (NPAT) of US$139.0m and the highest free cashflow since the 2018 PNG earthquake. The Board declared an interim dividend of US3.3 cents per share, representing a payout of 49% of NPAT, in line with Oil Search’s dividend policy. “Our hal...

For the six months ending June 30, 2021, Bank South Pacific Financial Group Ltd (BSP) reported a net profit of K449.3 million, up 17.6 percent from the same time the previous year (K381.9 million). Sir Kostas Constantinou, the group's chairman, noted that the relaxation of pandemic-related domestic limitations, along with better liquidity levels in PNG...

Photo: Multiflo® mega barges on site in Brazil Dewatering is critical to a mine’s operations and more resources are being allocated to its optimisation. Traditionally, there’s been a tendency among some mine and quarry operations to view dewatering as something to be avoided at all costs – until it can’t be. Therefore, cost minimisation has been the pr...

Photo Credit: Oil Search Oil Search reported operating revenue of US$366.2 million (K1 billion) in the second quarter, up 21.5 percent from the first quarter (Q1). Other noteworthy features include: Oil output from operational fields increased by 4.6 per cent in the second quarter, owing to Moran's strong performance. PNG LNG output averaged...